Re: More On April’s Very Positive Jobs Report

On 5/7/2010 9:00 AM, H&*$?%e wrote:
>
> From Bloomberg, 5/7/10:
> http://www.bloomberg.com/apps/news?pid=20601068&sid=aLnPxi_sXflg
>
> By Timothy R. Homan
>
> May 7 (Bloomberg) –
>
> Employment in the U.S. increased in April by the most in four years
> and the unemployment rate unexpectedly rose as thousands of people
> entered the labor force, indicating the recovery is becoming
> self-sustaining.
>
> Payrolls jumped 290,000 last month, more than the median estimate of
> economists surveyed by Bloomberg News, after a revised 230,000
> increase in March that was larger than initially estimated, figures
> from the Labor Department in Washington showed today.
>
> The April gain included 66,000 temporary workers hired by the
> government to help conduct the 2010 census and a 231,000 rise in
> private payrolls.
>
> Companies such as General Electric Co. are boosting staff as sales
> improve, leading to income gains that may spur consumer spending and
> more hiring.
>
> At the same time, unemployment may take time to recede as Americans
> who had dropped out of the workforce resume the job hunt, one reason
> why the Federal Reserve says it will keep interest rates low.
>
> “The private sector is improving and job growth is picking up,” Julia
> Coronado, a senior U.S. economist at BNP Paribas in New York, said
> before the report.
>
> “The job growth will be enough to keep us on a pretty decent growth
> track.”
>
> Stock-index futures maintained gains and Treasury securities fell
> after the report. Futures on the Standard & Poor’s 500 Index expiring
> in June increased 0.5 percent to 1,128 at 8:37 a.m. in New York.
>
> The 10-year Treasury note declined, pushing up the yield to 3.47
> percent from 3.4 percent late yesterday.
>
> Manufacturers and Services
>
> Manufacturers added the most workers to payrolls since August 1998,
> employment at service-providers rose the most since November 2006 and
> construction companies hired for a second straight month.
>
> The gain in overall employment in April was the biggest since March
> 2006.
>
> Overall payrolls were forecast to increase by 190,000, according to
> the median estimate of 84 economists surveyed by Bloomberg. Estimates
> ranged from gains of 75,000 to 300,000.
>
> The improving economic data is one reason the Greek debt crisis is
> unlikely to derail the U.S. economic recovery, according to economists
> like James O’Sullivan.
>
> “Growth data has been heading upward into the crisis in the U.S. and
> globally,” O’Sullivan, chief economist at MF Global Ltd. in New York,
> said before the report.
>
> “That is a very powerful force to counter the headwinds from the
> problems in Europe.”
>
> Stocks Yesterday
>
> The Dow Jones Industrial Average plunged as much as 998.5 points, or
> 9.2 percent, before paring its drop to 347.8 points at the close of
> trading in New York yesterday. It ended the day at 10,520.32, a
> two-month low. The S&P 500 fell 3.2 percent to 1,128.15.
>
> The jobless rate was projected to hold at 9.7 percent.
>
> Forecasts ranged from 9.5 percent to 9.8 percent.
>
> The unemployment rate rose as more people entered the workforce.
>
> The figures showed an 805,000 increase in the civilian labor force and
> employment rose by 550,000.
>
> The gain in private payrolls was the fourth in a row and followed a
> 174,000 increase in March that may have reflected, in part, a
> weather-related rebound from the prior month.
>
> Private employment was projected to climb by 100,000, according to the
> median of 25 forecasts.
>
> A government boost to hiring is already under way at the Census
> Bureau.
>
> The agency said it will take on about 970,000 temporary workers from
> April through June to conduct the population count that occurs every
> 10 years.
>
> April and May
>
> The government program may have the biggest impact on payroll figures
> in April and May, when the bulk of the hiring will take place, and
> will then subtract from the job count the following months as
> employees are dismissed after the work is done.
>
> For that reason, economists will be excluding workers on public
> payrolls for much of the rest of the year in gauging the state of the
> labor market.
>
> Average hourly earnings rose to $22.47 in April from $22.46 in March,
> today’s report showed.
>
> Today’s report from the Labor Department showed that government
> payrolls increased by 59,000 in April. State and local governments
> reduced employment by 6,000 during the month, while the federal
> government added 65,000.
>
> The average work week for all workers rose to 34.1 hours in April, the
> highest since January 2009, from 34 hours the prior month.
>
> Underemployment Rate
>
> The so-called underemployment rate — which includes part- time
> workers who’d prefer a full-time position and people who want work but
> have given up looking — increased to 17.1 percent from 16.9 percent.
>
> The report also showed an increase in long-term unemployed Americans.
>
> The number of people unemployed for 27 weeks or more rose as a
> percentage of all jobless, to a record 45.9 percent.
>
> Factory payrolls surged 44,000 in April after rising 19,000 in the
> prior month.
>
> The median forecast by economists in the Bloomberg survey called for a
> gain of 20,000.
>
> Payrolls at builders increased 14,000 last month after gaining 26,000.
> Service providers added 225,000 workers after an increase of 175,000
> in March.
>
> The number of temporary workers increased 26,200 in April.
>
> Payrolls at temporary-help agencies often turn up before total
> employment because companies prefer to see a steady increase in demand
> before taking on permanent staff.
>
> Hiring at GE
>
> Some companies are seeing enough improvement in sales to warrant
> increasing headcount. GE, the world’s largest maker of jet engines,
> power-generation equipment and locomotives, increased the number of
> jobs it plans to add in Michigan to more than 1,300 with the creation
> of about 220 aerospace manufacturing positions, the Fairfield,
> Connecticut-based company said this week.
>
> Billionaire Warren Buffett, whose Berkshire Hathaway Inc. cut more
> than 20,000 jobs last year, said his Omaha, Nebraska- based company is
> now adding staff as the economic recovery boosts demand at its
> industrial units.
>
> “We do hire people when we have something for them to do,” Buffett
> told investors last week in Omaha, Nebraska, where Berkshire held its
> annual shareholders’ meeting.
>
> “We are a net hirer now.”
>
> The economy grew at a 3.2 percent annual rate in the first three
> months of the year, the third quarterly advance, according to data
> from the Commerce Department released last week.
>
> ______________________________________________________
>
> Harry

Government spending has grown at more than 3.2% and government spending
“is” in the GDP formula…. This means that for each dollar of
government spending we get less than a dollar of GDP. Government
spending is up 300% to 400% above Bush years.

Not only are we not growing the private sector but YOU Leftists are
wasting the money the government is stealing from the private sector.